tv Varney Company FOX Business August 9, 2013 9:20am-11:01am EDT
stuart: good morning, feels like 1999. if you own price weinstock it could hit $1,000 a share today. eight weeks to go to obamacare and you are not happy. jatropha spool half say implementation is a joke. bad fallout from theedetroit and bankruptcy, local governments in michigan cannot vote on money at reasonable rates. but they are not. president obama holds a news conference today. my prediction he runs out the clock and runs out the door for a vacation. with fidelity's guaranteed one-second trade execuon, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason
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working to change the law, 31% say it is time to move onto other issues, former republican senator jim demint who once the heritage foundation spells out in today's wall street journal, politicians who oppose obamacare should not vote to fund it. those who want to socialize healthcare should vote to fund it. there is no middle ground, no place to hide. that is indeed how things stand. showdown on obamacare is coming and we are covering it today. i have what may be the stock of the day, price line, you are renting cars and booking hotels even in depressed europe and you are using price line to do it. bookings up 40% april through june. the company to an $10 billion. it made a profit of $440 million but here is the real news. shares are getting close to $1,000 each. horserace stock of the day, follow it right here. it is friday, august,
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stuart: wait for it, the opening bell is coming. before we get there, let's go to chicago with larry levin. when are you moving? chicago is getting a lot like detroit. when are you moving? >> i am not moving anytime soon. detroit.is a lot different than it is run better. it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated
of a situation this is. that is looking the market little bit but not a whole lot. the stock index trading bejg me still sitting at all-time highs. wwe're thinking but when is bernanke going to be talking about it. that is when the market will really get spooked and lose a lot of ground. stuart: thank you very much, indeed, out there in chicago. the opening bell is ringing. we expect the (to be lower, and it is. this will be a slow trading session, a thin market, thinly traded, but expecting 30 points down in the first few minutes. i want to know about priceline. the stock has been up by about a half this year. had it made a thousand dollars yet? nicole: so close to $1000. a stock that is so rich. $993. it is up 6.5%. they had a rise in reservations for rental cars, hotels much
like what we saw from orbitz earlier in the week. we know hotels and vaaation packages are all good news. stuart: i hear the cheering behind you, don't know what that is about. nicole: it is for you. i am kidding. stuart: we will talk to you in just a second. how many times have we put blackberry on deathwatch? now reuters is reporting blackberry may be open to going private. blackberry declined any comment on that. nevertheless the stock is up 6%, $9 per share. first it was herbalife, no activist investor wants a new ceo at jcpenney in the next month or so. there is chaos in the boardroom and the infighting has gone completely public. nicole: it is down 3.5%, the board is so upset.
basically stomping his foot saying he wants him out, who he supported. he wants the old ceo to take over as chairman as they search for a new ceo immediately and put one in place. stuart: it is a rotten time for chaos in the boardroom or anyplace else, back to the school shopping season. nicole: you're absolutely right. stuart: thank you very much, indeed. down 27 on the dow. i want to go back to priceline. john layfield in bermuda. you like it or not at that price? >> no, i don't at that price. i think people thought it was like the dotcom era. it is up again. this is a great company, they have a great marketing plan, but at that valuation right now, the
stock has to be overpriced. stuart: $47 billion valuation on a travel company. a global marketplace, they have a chunk of it but that seems awfully high to me. it reminds me of 1999, the dotcom mania back then. >> i don't think anybody thought priceline would come down the way it did and come back like it did. it has just been phenomenal. they are getting killed on the airline part of the reservation. it is mainly hotels and rent a car. this is a commodity, cannot see this being a growth stock. even though it is a great company being overvalued here. stuart: let's see if we can keep the discussion at the federal reserve lively. i say the fed will keep on printing for the foreseeable future.
they will print a whole lot more next year. fed watcher disagrees with me, what is your position on my predictions? >> i think probably the new fed chair. larry summers has a way to make everybody in the world he meets hate him. he has a lot of enemies. he is a smart man, but not very popular. i think you are right, stuart. you have midterm elections coming up, huge political pressure not to stop the fed buying. also, don't think bernanke wants the fed to go down. you see tapering worries in the market. there will be a readjustment. i don't think bernanke wants that on his watch. we will see bond buying and you are right. stuart: go back to the beach, i know that is where you are heading in a few from now. good stuff. >> great talking to you. stuart: three tickets split
nearly $450 million in the latest powerball lottery when the winners take a lump sum payment, most of them do, the lottery immediately takes half off the top. each of the winning tickets is actually worth $86 million. and then along comes the tax meeting each winning $58 million. i still say it is a lousy deal. the minnesota store that sold a ticket will receive $50,000 commission and the others get $30,000 apiece. i could say i am not buying, but it is summer, so go ahead, waste your money if you wish. now the latest fox news poll on implementation of obamacare be at 57% say it is a joke, and they are not the only ones. the man who used to run mcdonald's and is now the president of thom and eddies. frequent guest on the program.
we are eight weeks away from obamacare arriving on the doorstep, i want to know what you are doing with the company you now run to prepare for obamacare. >> our five restaurants are in chicago, frankly we are walking around in circles because we talk to small business people, talking to insurance people, nobody has a clear idea what this all means because this company is getting exemptions, that company is getting exemptions. we are deferring this, we are deferring that. we had a 4% tax come into play this month. who is getting insurance, who is not, we have formulas that are contradictory. if they worked more than 40 hours per week it is something else. so many rules and regulations, so many unknowns it is not a joke, it is a tragedy. i don't know what to do.
stuart: i know somebody who runs a small business, and has something like 80 employees and are swamped by the paperwork. the guy i know says i am not going to do it, i will not, i will pay the fine and that is it. >> the simplest thing to do almost is to do nothing. health care benefits will be taxed for the first time ever. this will be an enormous tax increase for the american people. forget about the confusion for small businesses, i rely on a payroll service to do my payroll, i am depending on them to help me sort it out because i don't know what to do. they are interpreted differently, just try calling a helpline asking them to give you guidance, they don't know what they are doing either. with the midterm elections coming, it is a political football, no longer about health care, it is how you are going to get reelected or not get reelected. stuart: what about september and
october, the fight over funding government and funding obamacare, which camp are you with? do you say defund obamacare no matter what the political fallout? are you in that camp? >> this is a train headed for a train wreck. we better slam on the brakes now. i don't care what it takes, the better suspend implementation until somebody understands what it is all about. the better delayed at least a year if not two years, and try to sort this whole mess out. don't fund it. stuart: would you shut down the government as a price of defunding obamacare? >> yes. obamacare will shut down the government anyways and we cannot afford this. stuart: you always tell it's precisely how you see it, and we like it. thank you for joining us, come again soon. >> you bet, let's keep the
dialogue going. stuart: we welcome a promise you that. the dow industrial average place, it is friday morning, it is august 9, we do not expect a heavily traded market today, and we are not getting it, down 13 points, pretty much dead flat. we have been around that level for some time now. here's what i have for you at 10:00 eastern, the future of shopping. you showed me a suit, can walk around, open up the jacket. that kind of thing. >> you can change it, change the way it looks, look at how it might look on your body. stuart: nicole petallides will go shopping and is greeted by hologram. is this just a gimmick or is this really useful to the shopper? we will show it to you next
hour. but i say this is the next steve jobs, innovating, going to take risk. he ignores wall street. this is important stuff, surely investors would like to see amazon stock go to the moon. after this. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because ey know i don't trade like everybody. i trade like me. i'm with scottrade.
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week $250 million. he is expanding his empire. i would say he is one of the greatest innovators. i say he is the next steve jobs. the guest on the show this morning. what is the difference? >> steve jobs is a wonderful marketer. products have been released that were pretty terrible and he comes out and says i have internet medications device. i also have a phone and music player. it is one device, it is the iphone. taking these products and turning it into one product. the brilliance of jeff bezos is amazon has had razor thin profitability. he is taking all of the money, reinvesting it into the genius of amazon, low-cost retailer, driving down the price of the marketplace and he plays the long ball. it would take eight years to develop the technology that came
out last year. that is what blew everybody away. it took eight years, he did not care, he did it quietly. stuart: razor thin profit margins versus massive, thick profit margins at apple, there is a difference, i got that. attention to detail in the products, there is a similarity. crazy getting the right kind of glass for the front of the iphone and he does the same for the kindle. >> he does. but bezos place the long ball. you will see best buy goes out of distance when amazon flips the switch on same day delivery. i think when all these distribution centers are popping up in the major cities. steve jobs believes you ship a product, get it out of the door.
everybody said this is crazy, we will use web apps? he refined it. finally a complete product. amazon believes in just keeping quiet, eight years, 10 years, does not matter, as long as it takes. i think the next thing from amazon is same-day delivery. when that happens, best buy will go out of business. why would you ever go to a best buy again to get the cable you need for your printer if you can go on amazon and by the time you get home from work it will be at your door. stuart: when do they flip the switch and say we will not be content with the razor thin margins anymore, we want abs of money. when they do that, if they do that, tell me when they will do that, this stock goes straight up. >> he has managed to convince
investors they do not need major prophets, and investors are on board. they see the long game. a few sides a few years from now he will flip that switch i'm curious how sustainable that is. that is how they have been able to create incredible display technologies. flip that switch, how sustainable is it? does he make massive profits and flip it back to the strategy he has had since the '90s? if one of those companies that has confounded me, i didn't understand it. you really get to understand how brilliant jeff bezos is. steve jobs was very much the person you saw on television, you ask him a stupid question oftentimes he would just ignore it and walk away from you. he did that in public like private meetings.
jeff bezos is always laughing, is a curious person. he will go to the conference in austin, texas, and sitting on panel discussions. he loves this stuff. video services. he will fly to austin himself and watch a panel discussion about it. stuart: they say he is the best ceo in america today and you probably agree with them, don't you? >> i think he is one of the best, absolutely. there are still a few brilliant folks out there. managing numbers and data at apple, nobody does it better than tim cook. stuart: stay tuned until the fall to see what apple does. do you think something big is coming? >> i think there are coupl a cof big things coming for apple. stuart: thank you very much
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stuart: here's a stock you have to watch today. is it going to touch $1000 per share? we're going to share it for you. obamacare, the lottery, obama on vacation. going to bring it on, top of the hour. owns and operates 40 restaurants on the east coast. his take on obama's part time nation. don't miss it. santa ana, california, has hired a city manager. the pay package over $500,000 per year for three years. here is my take.
welcome to the power shift in city finance. out goes the old mayors and city worker unions, in comes the technocrats. you will see a lot more this be it and maybe outrageous such a generous package for small town in dire financial straits, but this shift to the technocrat is very necessary. me explain. for generations city mayors are being in bed with the managers they supposedly control. the unions help them with pay and benefits. that was the deal. and so many cases it was a long-term disaster. the disaster has arrived, detroit bankrupt and this morning "the new york times" tells us other local governments in michigan cannot borrow. they are hitting the financial brick wall. what santa ana is doing is buying a turnaround artist, abandoning the old failed model, working in a different
environment. he is not elected, he is appointed. not dominated by unions. there will be a chorus of outrage about it. do the math, which is cheaper, what is more desirable. a half a million dollars per year for a fixer or deficit crisis and eventual bankruptcy? you do the math. [ male announc] surprise -- you're having triplets.
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stuart: august 9, welcome to the second hour of "varney & company." monica is here. what does she think, defund obamacare no matter what? monica: yes. stuart: she is taking a hard line. and what is he doing with eight weeks to go until obamacare. how hard of a line is he going to take? you're taking a very harsh line in a fox paul you think imitation of obamacare is a joke. how about this, and app so companies can use your photos in their ads. nicole goes to the drugstore and meets the hologram woman. really? we show you the dow industrial average going nowhere on a very low volume day.
but the big stock we have to get to his priceline. i want to know charles payne likes this thing at that price, charles. charles: at this price, no. i waited for it to go down. they had a cautious negative article on it. william shatner on the cover. the same guy, he is not afraid. when the stock went down, so we have to buy this thing on weakness. stuart: i don't do how much stock he has got if any. charles: he is still in the commercials though. this is all about international. the profits, this is nuts. the company $1.38 billion but
the prophet $1.2 billion came from international. this is almost strictly international story. stuart: one more question about travel's bid what about the rival, orbitz. charles: i featured it twice. if anybody bought it from this show april, they would be up 100%. yesterday we talked about groupon, tesla. i gave it out at $6. listen, yesterday the number one stock in the entire market. it was better than tesla, groupon. your viewers are up 100% at this very moment. stuart: correction, they are our viewers. you are in this with me. charles: they are doing pretty well.
stuart: nicole, want you to update us on the stock. is it noodles you want to update us on? the ceo said in july over june they saw slowing in the restaurant issue. they had a new forecast in wall street, they were writing they do not like that. 160% from the ipo price in june, cannot complain that the noodles are not working for them today. charles: the co zero of chipotle mexican grill, innovative menu, goes to show always innovation going on in this country everywhere. it is in restaurants, tire making, everything.
stuart: noodles. monica is with us chomping at the bit. let me read it first. the city manager in california have hired phoenix city manager, they have agreed to pay a total compensation package of $558,000 in his first year. santa ana hit hard. i know it sounds like a lot of money, i say this is the way of the future bringing in a technocrat to run the city without the unions on your back. i think it is the lesser of two evils. bankruptcy would be a high evil. monica, she does not agree. go. monica: the state of california is bankrupt, it has no money. many are broke and have no money. to pay out this kind of salary
for somebody to come in on the outset, i don't know what the track record is like. if he is a master turnaround artist. if he can turn this thing around, here's what i would argue. here is the thing, in this country you have to prove yourself before you get the big number. do you think he is worth $500,000? of taxpayer money. charles: they have a habit of electing crooks, jerks, stupid people all the time to run their government. california is the worse. monica: how about if they brought him in at 250, 300. after the first year can turn it around, and then they can build his salary.
charles: he might be doing them a favor at half a million. monica: this amount of money of taxpayer dollars from a city going broke, it could change my mind. stuart: what was it, photos, crooks? >> why limit it to california? monica: illinois, new york. stuart: nicole, what have you got? nicole: it is cvent. we talked about ipos, we cannot leave this one out, it is soaring over 74% give or take. i have to keep watching it because it opened moments ago, news. when we talk about ipos, talk about how noodles was up 160%
from its ipo, so cvent is received beautifully today. there you go, 76%. stuart: okay. i look at the latest fox news paul on the implementation of obamacare. 56% of respondents say it is a joke, so what does the chairman of apple metro say? he runs 40 applebee's in the new york metro area. people respond to that say they will have implantation of putting this thing in place is a joke. you run these restaurants, what are you doing as we approach eight weeks until obamacare? >> it is upside down. still unfolding. stuart: you don't know what rules you are drumming a dance to? >> they don't call it for
obamacare, but a surcharge over certain thresholds of income and capital gains, et cetera, it is 3% now. that adds to a capital gains tax which everybody was fighting about with increasing capital gains anyway. relegated to paying for obamacare. what else is going to unfold? they are still fighting for 40 hour weeks to be a full-time employee, not a 30 hours week. when it gets implemented, we don't know what it is going to be. we are running our business, we are running our company. i think the pushback will be incredible when it starts to get implemented because you are 25 years old, never had health care in your life, it is not on the
screen, i come to you and say you will be taxed $90. because you did not sign up for our health care program. we have to offer it, 3842 employees as of this second. we have to offer it to everybody, a full-time employee. we did that analysis and have about 800 full-time employees. we offer this to all 800 employees and they decide they don't want it. we suspect 3% to 5% will opt in. the other 95%, 97% opt out. all of a sudden they find themselves paying and $90 tax and never had in their life. try taking $90 out of somebody's pocket that makes 20,000, $25,000 per year to support a family of three. that is the first year.
it elevates. stuart: it goes up from there? if they don't take the plan you are offering, $90 for the first year, and up from there. speak up leave it goes from 250, goes to 600. charles: here's what the obama administration is saying, why don't you raise their salaries? how come they're only getting $20,000? >> i would ask him to put my price increases so i could build new restaurants, hire more. i hired over 1000 people last year. i built for restaurants with the cost of $3 million plus per restaurant. i just open a restaurant that cost $4.25 million because of all of the zoning requirements.
as the sandy issues came to light, more and more zoning requirements and changes happened. so i just built a restaurant for 200 people, i would ask the president to help me on my next construction site and i am happy to raise everybody's rate. stuart: you are a prominent proponent of obamacare. you don't like it, it is bad news. what has been the reaction to you out there in public when you said this kind of thing? >> i got 20,000 letters in the first two weeks, e-mails, they jammed our phone lines, we cannot make phone calls and it came from all over the country and we would be boycotted, i was physically threatened, on and on and on. but i'm the only one who did not cut anyone's hours, have hired people, have not fired people but large companies, i will not name them because i do not want them to be boycotted, have
publicly said everything acclaimed on your show has come to pass. the reduced hours, they put people marginally full-time onto part-time and i don't think we have seen -- in my little micro is some of the economy, we will see pushback and things that ocheoccur that we can't possibly anticipate today. stuart: on the eight weeks away. >> eight weeks until it gets into play. it will not really happen for a year. they just put in place a british company is a matter of fact to vet to the people at will be eligible for it, not eligible for it. stuart: so the breadth are going to vet obamacare for america? you are a favorite guest on this program, the audience loves you. >> not all of them.
i have the letters to prove it. stuart: that was organized. welcome on the program anytime. we appreciate it, sir. president obama holding a news conference this afternoon right before he leaves for vacation. i say he will run out the clock and then run out the door. let's see what a democrat thinks about that point of view. with the spark miles card from capital one,
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the idea even though the president declared war on coal it is still a major power source. number one source of power in the world, the fastest growing still. these stocks are extraordinarily oversold and will move before the fundamental change. stuart: coal in particular. i thought we killed that thing. charles: america is trying. stuart: some of us are not. charles, thank you. president obama will hold a news conference today, 3:00 eastern time this afternoon. here is myyopinion on the upcoming news conference. the president will run out the clock, answering very few questions and take a long time on each one. and then he will be off the door on to vacation at martha's vineyard. why don't we bring in an unpaid
lackey of the democrats. it is friday, bernard, don't take offense. >> i am grateful to be here. stuart: i want to discuss the style president obama holds news conferences. he has developed a specific way of answering questions. he runs off the clock. it is a long time to get it out there. >> frankly i wish we had more opportunities for our leader to get out in front and answer questions. the fact of the matter is i would rather in this day of 140 character tweets to have extended the questions for thinking the position, attitude and approach, engage in a dialogue that is sensitive rather than soundbites to soundbite as a way to move forward. i hope he actually comes out swinging.
could have gone on vacation, hopes he challenges congress and friendly deals with the critical issues, pushes through immigration reform instead of working to be funded obamacare, come up with proposals to improve obamacare. stuart: do you think the president this afternoon will directly affect the nsa spying? is he going to answer it head-on? >> i find it amusing the republicans have washed all over the front page. monica: bernard, the question here is is the nsa program being abused? using intelligence intercepts coming from the nsa to go on criminal fishing expeditions on american citizens. most americans agree with
tracking terrorist. but is it being abused on this administration? >> are you coming out in favor of drug trafficking? they engage in terror acts, why not. stuart: this is why i find these interviews so unsatisfying. there's a point to be made here. the nsa material has been used to track drug traffickers, not just terrorists, drug trafficking. that information is being taken out of the context of terrorism. >> they uncovered this latest threat. i don't understand why republicans are assistant and shoving die program. stuart: this is pointless.
you are a democrat, you're putting out the democrats point of view and immediately turning to republicans. i want you to answer the substantial question. nsa snoops, collect a whole bunch of information. i am okay with that if it is used against terrorists. but wait a second, now we find it is being used by the dea. the nose others. address that question. >> they know the drug trafficking and terror funding are interrelated. i do not have a problem with that. monica: we get different stories, first we were told they were targeting foreign terrorists. now we are told are not looking at the content, we're just looking for patterns. now we find out according to "the new york times" this week, bernard, in fact they are
monitoring the content of your phone calls and e-mails. the story keeps shifting, the goalposts keeps shifting. should the government and president be held responsible for that? >> he should not have to address and unveil our national security policies whether that is wiretapping, is dropping, i don't understand why we had to have a public conversation of matters typically cap private. they basically say back off, back off. monica: you were happy to have that conversation then. it is about the abuse of the program. stuart: 10 seconds to close it. >> we have a lot of serious issues. we have to find some answers to the economy which more americans are concerned about. these can be very enticing distractions to the other side.
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stuart: check the market, now it is down 46 points this friday morning. how many times have we put library on deathwatch, and now there is a report that they are thinking about and may go private and they denied it, what happened? nicole: this to be a complete shift in the mindset of blackberry. they talked about the fact they had new products in the pipeline in eight months. turning around what was the blackberry 10. now we're hearing reports that may go private. they were refuting that, but it is up 7%. stuart: $9 per share. the call, thank you very much. a new app turning her pictures into prices.
allowing users upload insta graph pictures after their favorite brands if that company likes your picture, you get rewarded with gift cards discounts, rebates. they get to use your picture in their ads. the man behind it joins us right now. have i got it right? why don't you give me 20 seconds on how it works. go. >> snap my ad works, we developed it base and take a picture with instagram turning the advertisements for businesses and we were sick and tired of businesses being able to get these photos and not be able to interact with them. we developed snap my ad to make the advertisements, interact with businesses on a whole new level and the brands and businesses to focus on specific
ads of places and events and products. stuart: so if i have a picture of me using a chainsaw, and you can see the brand on the chainsaw, here i go and i snapped a picture of it and i use your app, i am connected with the maker of that chainsaw through your app, and they may use that picture and then they give me a discount or a coupon or something, is that how it works? >> with our terms is specific to say they cannot use the picture unless they swap a prize or perk with you. if you've agreed to take up and give to that picture to them, they can use the picture and further advertise the campaign. correct. stuart: your jump into the middle of the operation and stopping a company exploit the picture. as a guy who takes a picture and sends the picture to your app, i
get something for it, discount, whatever. what do you get? >> we get paid by the brand to use our platform so they can use these promotions, that is how we get paid. we don't get paid by selling e-mails, we get specifically paid either brand initiates these promotions. stuart: when did you start? speak out we started may 28 while sitting on a plane. we work for about five months to design it. they took four months to develop it and we launched at the end of april. stuart: how much business have you done? >> we have done more than we have expected. brands attracting with us, consumers writing.
stuart: how many have you placed for guys to take the picture? >> 2500 pictures submitted, and we spent zero in marketing, it has only been word-of-mouth. we have had major articles in the last week and quadrupled users based on those articles and probably 10 major brands who have called and wants to use the platform to interact with consumers. stuart: i am going to make you some money. snap my ad is the name of it and i predict you will do very well. thank you so much for joining us, very interesting stuff. >> thank you, good luck chain sawing. stuart: did you know a chainsaw is the most dangerous item on any farm? more dangerous than a gun. charles: eyecare, and i believe it.
stuart: time to make money. charles has two a dep, universal display and please power. charles: we talked about this four times, it is universal display, organic liquid light emitting diodes. right now they have the tvs at 80 grand but people think television has come, light emitting diodes to the point that it is magnificent. i have seen it, read articles about it but never seen it in the flesh but from what i'm seeing and reading it is amazing. the have phenomenal numbers, a minimum of 50. a couple the go clean harbor came on with their report, another stock i have mentioned more than once. was a subpar report, stock was down 9% or 10%, ultimately that is the stocks you want your
401(k). clean harbors is a longer-term play, the other one is more exciting, we talk about the stuff that in a year or two, they will flip, they're going to flip, they won't believe it. stuart: the judge is chomping at the bit. general keith alexander defending the wire cap program disclosed by ed snowden, he says it is a tool to fight terrorism. is that really all that is? judge andrew napolitano is here. huge change my opinion none this. i have been okay with it as a data collection so long as it is used only for terrorism but your point out that the data has not been used only for terrorism. it has been moved towards the drug enforcement administration
and whoever else next? you changed my opinion. judge napolitano: i have known you to be one of the most intelligent and thoughtful people on television, gratifying to hear your mind has been changed, you educate me and financial matters all the team, this is not my opinion, this is not stated fact. when reuters discovered in a manual for irs agents prepared by the justice department, if they commenced criminal tax fraud investigation based on raw data given them by the nsa they were not to reveal it came from the nsa even if they had to be deceptive. when you are prosecuting someone, don't tell the federal prosecutors this came from the nsa, lie if necessary. when federal agents lie to other federal agents or lie to federal prosecutors they commit a felony and potentially corrupt the
prosecution because the confrontation clause in the constitution guarantees the defendant and the defendant's lawyers the right to see the government's file and confront all the evidence, and all the witnesses against the defendant. stuart: the president told jay leno the other night -- judge napolitano: -- stuart: when he said we do not have a domestic spying operation. usa and we do. judge napolitano: it is not me. i have seen this. i have seen the documents that ed snowden revealed that a publicly available. he didn't send them to me, a given to the guardian which posted the man some of them are orders side by federal judges showing the massive amount of information that goes to nsa. it could not have happened without the president's signing off on it. my column yesterday i argued that president obama has
orchestrated the most massive end run around the fourth amendment in american history, this could not have happened without his personal knowledge and consent. the net a store's the constant of every telephone call, eland text of every person in america for the past two-1/2 years and can access the with the press of a couple buttons. that is not for me, it is from ed snowden and other essays agents. they corroborated what he said. stuart: every phone call, every e-mail, every tax call all of that. judge napolitano: the fbi, dea, some of it is being shared and lie about. stuart: the president has to be asked about this. >> i hope he would be asked about it, i'm not confident that -- to what extent are these programs being abused.
when i saw that story about the intelligence intercepted being shared with the dea for criminal prosecution of american citizens it raises a red flag. when i saw some of the other content meeting or participate agencies include the irs, department of homeland security, what is going on? judge napolitano: you sent to me in an e-mail even though i disagree with the versus are that you would sacrifice some of you're the birdie for safety. you wouldn't sacrifice any of your liberty to make the prosecution of a drug easier. that is going on under our noses without knowledge or consent of connress or the american people. profound violation of the constitution. stuart: you should be at a press conference, you should. judge napolitano: won't let me into it. excellent stuff. thanks for being with us. something completely different for you, holograms could be the future of retail, is it just a gimmick? nicole petallides looked into
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stuart: rail manufacturer and scrap metal company joining forces to sue goldman sachs. regal recycling, aluminum in warehouses to drive up prices. they say these are without merit and the price of aluminum has fallen 40% in 2007. tim geithner they fer tumbler founder david card, $1.1 billion, yahoo! keeps part of it to stay around giving him $81 million payment for the next four years. reuters reported a blackberry chief is the company's board and mulling the idea of taking the company private to avoid the public spotlight and the company works to fix its problems. look at the stock, $9 a share. up next, nicole -- nicole petallides visits a hologram. let mother. mother!
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attracted the queens granddaughter's names. it goes on and off. this hologram can tell you about the building, products, i can put my hand behind it, has light coming from the back projected but the new technology to get people away from their computers and into stores is this kind of technology. are you freaked out by it? she tells us the history of the building we are in and tells you anything from care products to our food area and gives us lots of information. thanks, elizabeth, alexandra, whatever your name is, doing a very good job. stuart: looked like a glass screen. i don't care about the history
of the building. >> i don't disagree. i was a little freaked out. i began to listen. whether you like it or not you will end up listening to it. that is going to be the way -- the wave of the future, talked-about the technology where you are able to touch and say i would like to try this out in this fabric or this color and it will become more interactive but very informational and speaks in different languages, whatever language you want and information in a way you want to be presented and if you alone a company you get a return on your investment within a year and just for the next generation and know what they say, it improves sales 75%, and drive time by
50%. stuart: if i get the history of the building from miss hologram, i don't think the. that is propaganda. >> propaganda, improving sales small-time traffic, and 75%, how about 25%. wouldn't you take it? would you like any improvement at all? at first i thought it was a gimmick but i liked it and i thought was interesting. stuart: stayed there for a second. we got a major-league shopper. monica crowley. >> understand what nicole is saying because it gives people the impression of human interaction even when they are not. surrounded by real shoppers and this person dispensing information even though the person isn't real. and producing data that makes
sort of on more instant shopping experience. i can see that. it is not a bad thing. if anything even if it gets you to pay attention to one item, one thing that is its job. and its way to go by your men's skin-care products, whatever. stuart: i have got a lot more on this. i would like to vent on this thing. >> you go meet her and report back. it will be more impressive in person. stuart: time is up. thanks for going and doing the work. i am not buying. critics are calling it socialist propaganda, pushing the liberal hollywood agenda. we are talking matt damon's latest film elyse gm. monica discusses it.
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stuart: critics call the new movie "elysium" political propaganda. the film's are matt damon mays to differ, there is no message here, no politics. is it possible matt damon would put out a non political movie? >> he has been the past, though people can always the political agendas but this movie which i have not seen, it comes out today, "elysium" has a powerful
socialist or even communist message, the have versus the have not, income inequality, helping the poor by taking from the rich and well redistribution, a big surprise that hollywood would piece out -- the out communist propaganda, shocking. you mentioned matt damon, matt damon is a big left this, he supported obama, now he claims he is not so supportive of obama because he is not left enough. when they make movies like this with bleat we socialist messages, they are so socialist they don't even see it. stuart: a lot of youngsters will go and see it, pick of the message subliminally and think that is how the world -- charles: that is the goal. i got to tell you, they need to see a lot of these movies and most of them have been bombs. the only got worse than matt damon is clive jones. i won't even see a clive collins movie because it is in-your-face
socialism, capitalism is bad and evil. stuart: thanks for being with us, great to have you on on friday. we will be back in a moment. loc. with fidelity's guaranteed one-second trade execution we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, nlimited talk and text on smart phones. now, everyone's in the spirit of sharing. hey, can i borrow your boat this weekend?
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after you paid all the taxes, each of those winning tickets is worth $58 million. i still say it is a lousy deal. charles: yes, it is a lousy deal. but here is why it is a lousy deal. what they do with this money, he promoted these things to fix schools with them, like everything else. you put it in one end of a government machine, people need to think about this because if you leave in taxing the rich and equal redistribution, it is going to go to the poor. no, they will take all the money from the rich, and out will come a few crumbs. stuart: there is a 50% tax rate when you buy in that. charles: it is amazing. it is really organized crime by government. stuart: a great ending. how about that for an ending? dagen: if i buy you a scratch ticket, will you scratch off on air?
stuart: if you want to risk your money, go for it. dagen: you would probably end up winning. thank you so much. behind closed doors. executives from apple, at&t, google and other tech giants in a meeting with president obama talking about the nsa and your privacy. and harkening back to a time when this dude, kevin costner, was starring in "the untouchables." and who wants these guys, blackberry wants to go private may be. the idea is catching fire. the matter of who wants to put the money down on this troubled cell phone company. and a quick fix for unemployment, energy, people. how we can get americans back to work and solve the energy problems in one swoop. that and so much more on this hour of "markets now." ♪